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22.10.2020 08:40 AM
Indicator analysis. Daily review on EUR/USD for October 22, 2020

Trend analysis (Fig. 1).

Today, the market from the level 1.1862 (closing of yesterday's daily candle) may begin moving down with the goal of 1.1819, which is a pullback level of 23.6% (blue dotted line). When testing this level, further work down with the goal of 1.1780, which is a pullback level of 38.2% (blue dotted line).

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Figure 1 (Daily chart).

Complex analysis:

  • Indicator analysis - down
  • Fibonacci levels - down
  • Volumes - down
  • Technical analysis - down
  • Trend analysis - down
  • Bollinger Bands - down
  • Weekly chart - down

General conclusion:

Today, the market may start moving down from the level of 1.1862 (closing of yesterday's daily candle) with the target of 1.1819, which is a pullback level of 23.6% (blue dotted line). When testing this level, further work downward with the goal of 1.1780, which is a pullback level of 38.2% (blue dotted line).

Alternative scenario: from the level of 1.1862 (closing of yesterday's daily candle), the price may continue to move down with the target of 1.18144, which is a pullback level of 14.6% (blue dotted line). When testing this level, further work up with the goal of 1.1882 - the upper fractal (blue dotted line).

Stefan Doll,
Analytical expert of InstaForex
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